Major pet insurance market players in Europe region include Royal & Sun Alliance, Crum & Forster Pet Insurance Group, NSM Insurance Group, Figo Pet Insurance LLC, Hollard, Protectapet, Pethealth Inc, Petfirst Healthcare LLC, and Petplan.
Pune, India, Jan. 19, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Europe pet insurance market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 5.2 billion by 2027.
Europe pet insurance market is seeing promising progress currently, because of rise in the number of people adopting pets in the region. Pets have become an integral part of families in Europe and there is a sharp rise in the number of companies specializing in providing pet insurance. The insurance scheme covers a wide variety of veterinary expenses which are usually incurred when a pet receives any medical treatment for injuries or illnesses.
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A large percentage of pet owners are going for pet insurance to alleviate the burden of bearing certain costly treatment expenses. According to a report published by the European Pet Food Industry, nearly 80 million households owned pets in 2018 alone. This figure is set to rise in the future as well as more and more pets are gaining social acceptance across the region. Companies engaged in providing pet insurance schemes to customers in Europe are Royal & Sun Alliance, Protectapet, Petplan and a few others.
The trends that will help this industry grow are mentioned below:
Rise in web-based applications for pets:
There are many companies that are coming out with high-end web-based applications that will help connect vets with the pet owners and will assist the latter understand the benefits and importance of having a pet insurance. For example, in December 2018, UK-based insurance company named Waggel Ltd. announced a fully digital pet insurance scheme with the objective of simplifying the complicated process of pet insurance.
Waggel allows the clients to get their insurance quote within 30 seconds and helps them keep a track of their claim process on a real-time basis. This helps the organization increase its transparency of operations with the customers.
Pet insurance will gain traction from accidents and illnesses:
Europe pet insurance market size from accidents and illnesses segment will grow at a significant rate in the future. One of the major reasons for this is that the accident and illness policy is all-encompassing in nature as it covers a wide range of ailments and injuries related to accidents.
The other factor that will play a vital role in the development of industry in Europe is the growing awareness among pet owners about the illness and accident policy. People are looking for ways to reduce the overall cost incurred in getting veterinary treatments, thereby increasing the demand for pet insurance in Europe.
Dogs find high adoption among people in Europe:
Cats and dogs are the most popular animals that are adopted by people as pets. Out of them, dogs will witness the highest demand for adoption among consumers in Europe. In fact, the dog segment share in the regional market will surpass $4 billion in valuation by 2027. Countries like Germany, the UK, Russia and France have the largest population of pet dog owners. This will further improve the demand for pet insurance among them.
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U.K. market will flourish in coming years:
U.K. pet insurance market earned a valuation of nearly $1.2 billion in 2020 and is expected to witness a CAGR of 5.7% through 2027. An important reason for this is the rising demand for insurance coverage among pet owners. The country is seeing a rise in the adoption of exotic breeds of cats and dogs. The need among the owners of exotic pets for special coverage for their animals is growing, thereby positively influencing the progress of industry.
Pets like cats and dogs are enjoying the status of being a family member among their owners. The owners, on the other hand, are looking out for the best insurance packages for their pets that will protect their companion animals in the events of ailments and accidents. These factors have created a favorable environment for Europe market to grow.
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